Hive Blockchain encompasses approximately 0.85% of the Bitcoin network's hash rate. At the quarter's end, It reported holding 1,116 BTC worth $48.4 million and 25,154 ETH worth $74.7 million on its balance sheet.
) it mined. Although the company did not suffer material capital losses on coins in Q2 2023, it did, however, record a $26.2 million impairment expense to its mining rigs.
The company’s losses appear to have intensified even though its Bitcoin mining capabilities have further scaled. Year over year, Hive Blockchain mined 31% more BTC than in Q2 2022 for a total of 858 coins, which still has more value after accounting for a 15.9% year-over-year decline in its ETH mining, which amounted to 7,309 coins in the quarter.
The overall production increase was attributed to the opening of the firm’s New Brunswick Bitcoin mining facility over the past 12 months, which brought over 17,300 application-specific integrated circuit miners online. Expressing his optimism about the company’s operations, executive chairman Frank Holmes commented:
“Strategically, we have not borrowed expensive debt against our mining equipment or pledged our Bitcoins for costly loans, thus our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt; attractive green renewable energy prices and high performing energy efficient ASIC chips will help us navigate through this crypto winter.”
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Avalanche rival Jordan Binnington saves 44 shots in Colorado’s 3-2 riveting loss to BluesSt. Louis goalie Jordan Binnington, still public enemy No. 1 in Colorado after last season’s second-round playoff series, lunged back in front of the net to stop Hunt’s potential game-t…
Lire la suite »
CoinMarketCap and Naavik 2022 Blockchain Gaming Report — Part 4: What Lies Ahead | CoinMarketCapThe blockchain gaming industry has progressed a great deal since its inception, and shown a glimpse of its potential 💪 So where will this whole section head in the future? Dig deeper with a report from CMC & naavik_co
Lire la suite »
PlayStation Patent Reveals Possible NFT and Blockchain PlansIs PlayStation planning to integrate NFTs and blockchain in its games? A new patent suggests just that!
Lire la suite »
Blockchain Use Cases | Binance AcademyBlockchain technology has evolved considerably since it first started receiving attention in 2009. In this blog, you can explore the potential of blockchain and its current use cases in modern society ⤵️
Lire la suite »
The Power of PR for Web3 Startups | HackerNoonAlyona Karpinskaya is the founder of PRBA, a PR agency providing PR support for blockchain projects. - web3 pr
Lire la suite »
Polygon (MATIC) Sets All-Time Record as Nike Partnership Is InkedPolygon (MATIC) reaches major milestone as Nike deal is done polygon matic polygonmatic nike swoosh cryptonews $matic
Lire la suite »